BBC's Peston on Iceland !

cogito

It's all alarmist nonsense. Iceland is having no problems whatsoever.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4881378.ece

sadabbott

What is happeneing. Why are banks in trouble?

What does it mean for the common man?

dannyboycey

These fools that are grabbing their cash and running to their fallout shelters in the garden are doing nothing to help the situation. If the bank is backed by a back up scheme (FSA or otherwise) I don't see the problem.

1echidna

Lugh_Chronain wrote: »

All those scare mongers won’t be complaining when their Motors are being fuelled with Icelandic hydrogen. It is said that Iceland could be the ‘Kuwait of the North,’ exporting hydrogen to Europe and other countries. Sounds stange to me when people talk of Iceland being on the brink of collapse.

I fear this Icelandic 'hydrogen economy' is rather like Harold Wilson's 'white hot heat of technology' - something of a pipe dream. They have I believe one hydrogen service station which isn't in use since announcing their dream, I think four or five years ago. Hydrogen is difficult stuff to handle and transport and building an infrastructure incredibly expensive. I expect it to be a very long term if ever solution to climate change and it is not at all clear that transportingit from Iceland would ever be economically practicable.

Lugh_Chronain

home_alone wrote: »

They must be talking about the frozen food outlet.

gary

Yeah, I think they must be. :rolleyes:

Iceland has spent a quarter of its trade deficit on oil imports and has joined forces with Shell Hydrogen, DaimlerChrysler and Norsk Hydro in a multimillion dollar initiative to convert the island’s buses, cars and boats to hydrogen and fuel cells over the next 30 years or so.

Reykjavik’s bus fleet alone will draw on hydrogen from it’s abundant supplies of geothermal and hydroelectric energy – supplying 99 per cent of Iceland’s power.

My point is people should get their facts right instead of listening to edjits like Robert Pesto.

Uncle_Ben wrote: »

That whole island's going bust.

That’s a very good joke!

Stavros wrote: »

Hot of the press..........Iceland Directors have ordered a freeze on all its assets HERE

Now that’s what I call funny!! :rotfl:

Lugh_Chronain

I over looked 1echidna’s post and have to say I can’t comment on that although my previous post might explain why I don’t agree with most of it. Although I suppose the transporting of hydrogen could be argued as contentious.

And by the way, I hear that your savings with Icelandic accounts in the UK are double protected. As well as being covered by the UK’s Financial Services Compensation Scheme people with Icelandic savings in the UK are also protected by Iceland’s equivalent of the FSCS.

ed123_2

.....Peston in my view was one of the factors which caused the downfall of Northern Crock......the financial system is global so one part of it cannot be allowed to go down (re joe public's savings)...If the two Iceland banks went down what do you think it would cost the UK banks re the compensation scheme...there was a estimate that £5 billion was held by UK residents re one Icelandic bank alone......

1echidna

I am not trying to add to Iceland's alleged banking woes just pointing out that the hydrogen initiative, if it ever comes to anything, is very much a long term thing and of little relevance to the present situation. It will take research and development and many years of heavy investment before profits could be made.

jp01_2

ianmr65 wrote: »

Iceland is on the brink of collapse. No it isn't

Inflation and interest rates are raging upwards.

Interest rates have been stable 1t 15% for some time, and whilst inflation is high it's on the back of a long boom.

The krona, Iceland's currency, is in freefall - Hardly - It's dropping but so is the pound amongst others.

One of the country's three independent banks has been nationalised, The country has 5 or more independant banks


another is asking customers for money. No it isn't

The billionaires who own everything are in trouble and the country is drowning in debt.

No they arn't and the country is has a public sector debt of zero


Iceland is on its own.

No it isn't - all the scandanvian central banks have a co-operation agreement, and the Icelandic central bank has links to the ECB.

Now that is impressive
http://publicintellectual.files.wordpress.com/2007/07/ostrich.jpg
Divert your eyes. Not looking at something means it isn’t really there. Or so goes the thinking of big dumb birds.
When an ostrich spots something unpleasant–such as a hungry tiger charging its way–the bird’s gut instinct is neither to flee nor to fight its impending foe, but to bury its head in the sand.

:rotfl: :T
Great spoof post.

edwinac_2

dannyboycey wrote: »

I'm just about to tie up 40k in a 1yr bond with Icesave - I really have no concerns about this.

The Following 4 Users Say Thank You to dannyboycey For This Useful Post:

ClickSave (05-10-2008), LucyTheDwarf (05-10-2008), napoleon (05-10-2008), Optimist (05-10-2008)

"DannyBoycey" posted that on 5 Oct.

For his sake, I hope he's nothing more than a shill - a fake run by the bank itself to reel in capital.

If he's genuine, I hope his cheque got delayed in the post, and will be winging its way back to him shortly..

Take note that "LucyTheDwarf" and "napoleon" who applaud this poster, have spent hundreds of hours on this forum alone, luring people into Icesave.

Hmm... Strange...

I expect lots of people followed their "advice"..

Perhaps "LucyTheDwarf" and others would like to tell us a little more about themselves...